RAM reaffirms CIMB Group’s AA1/ Stable/P1 corporate credit ratings

KUALA LUMPUR: RAM Rating Services Bhd has reaffirmed CIMB Group Holdings Bhd’s AA 1 /Stable/P1 corporate credit ratings (CCRs) and the issue ratings of its debt instruments.

This included the RM6 billion Conventional/Islamic CP/medium-term note (MTN) Programme (2008/2038) which has AA 1 /Stable/P1 rating, RM3 billion Subordinated Notes Programme (2009/2074) (AA 3 /Stable/-), RM6 billion Conventional CP Programme (2015/2022) (-/- /P1) and RM10 billion Additional Tier-1 Capital Securities Programme (A1/Stable/-).

“The one-notch difference between CIMB Group’s long-term CCR and the long-term AAA financial institution ratings of its key Malaysian subsidiaries, reflects its structural subordination as a non-operating holding company and moderate company-level debt load,” the rating firm said in a statement todayesterday.

In a separate statement, RAM Rating has also reaffirmed CIMB Bank Bhd’s AAA/Stable/ P1 financial institution ratings (FIRs) and the issue ratings of its debt instruments.

RAM Rating noted that the FIRs incorporate CIMB Bank’s systemic importance to the Malaysian banking system and its strong franchise in wholesale and consumer banking.

It has reaffirmed CIMB Investment Bank Bhd’s AAA/ Stable/P1 financial institution ratings.

“The ratings reflect those of CIMB Bank and are premised on CIMB Investment’s strategic role as CIMB Group investment-banking arm,” it added. — Bernama